Cuban military conglomerate GAESA sells Mariel port assets to state firm to evade US sanctions

The Cuban military-owned group GAESA transferred its stake in the Mariel Container Terminal (TCM) to the newly created state-owned company Coral Marítima S.A. The transfer, announced in a letter on 25 June, creates the subsidiary Terminales Portuarias CORAL S.A. to take over terminal operations.

The move follows the United States’ May 2026 sanctions that targeted GAESA and related firms such as Almacenes Universales (AUSA), Banco Financiero Internacional and others. U.S. officials warned that secondary sanctions would punish foreign firms doing business with GAESA, prompting major shippers and investors to pull out of Cuba. By re‑branding the terminal under a different legal entity, GAESA aims to keep the Mariel port—Cuba’s main gateway for international cargo—functioning while shielding it from the new restrictions.

Analysts view the transaction as part of a broader GAESA strategy of restructuring assets to sidestep sanctions without ceding real control, a pattern observed in previous OFAC actions. The asset sale is intended to assure customers that commercial services will continue uninterrupted despite the sanctions environment.